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TMI Blog2020 (1) TMI 1257X X X X Extracts X X X X X X X X Extracts X X X X ..... t respondent-corporate debtor is not in a position to payback the debts, the instant CP may be admitted. No objections are being raised to the completeness of the application filed under Section 9(2) of the Code. The operational debt remains unpaid, the demand notice was delivered to the corporate debtor and reply was received within the stipulated 10 days period - the proposed Resolution Professional Shri Sanjay Kumar Dewani has filed Form No. 2 in which he has stated that there are no disciplinary proceedings pending against him with the Board or Indian Institute of Insolvency Professionals of ICAI - In view of the satisfaction of the conditions provided for in Section 9(5)(i) of the Code, the petition for initiation of the CIRP process in the case of the Corporate Debtor ADI Automotives Private Limited is admitted. Application admitted - moratorium declared. - CP (IB) No. 259/Chd/Hry/2019 - - - Dated:- 8-1-2020 - Ajay Kumar Vatsavayi, Member (J) And Pradeep R. Sethi, Member (T) For the Appellant : Arun Kumar and Manish Jain, Advocates For the Respondents : Mayur Kanwar, Advocate JUDGMENT Ajay Kumar Vatsavayi, Member (J) 1. This petition is filed u ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o. 4 is stated to be issued on 17.04.2019 being Annexure A-6 of the petition. It is stated that the demand notice was accompanied by the duly issued invoices in the name of corporate debtor wherein the corporate debtor was called upon to pay the debt due within 10 days of the receipt of this notice. The demand notice in Form 4 is stated to be served by way of speed post/courier on the corporate debtor and the postal receipts alongwith tracking report are at Annexure A-7 (Colly) of the petition. 6. The corporate debtor in its reply dated 26.04.2019 to the above demand notice has denied and disputed the amount claimed by the operational creditor in the statutory demand notice. It was also stated in the reply that no claim whatsoever has been adjudicated by any of judicial Forum, therefore, there is no occasion for any default of non-payment of debt on the part of corporate debtor. 7. The petition is signed by Mr. Mohit Nayar, Director of the operational creditor and has also filed an affidavit dated 30.05.2019 verifying the contents of Form No. 5 (page No. 21-22). 8. In Part III of Form 5, the operational creditor has proposed Mr. Sanjay Kumar Dewani, bearing Registration No ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rmation utility. It is clear that such notice must bring to the notice of the operational creditor the existence of a dispute or the fact that a suit or arbitration proceeding relating to a dispute is pending between the parties. Therefore, all that the adjudicating authority is to see at this stage is whether there is a plausible contention which requires further investigation and that the dispute is not a patently feeble legal argument or an assertion of fact unsupported by evidence. It is important to separate the grain from the chaff and to reject a spurious defence which is mere bluster. However, in doing so, the Court does not need to be satisfied that the defence is likely to succeed. The Court does not at this stage examine the merits of the dispute except to the extent indicated above. So long as a dispute truly exists in fact and is not spurious, hypothetical or illusory, the adjudicating authority has to reject the application. The facts of the present case are being examined with reference to the judgment of the Hon'ble Supreme Court. 15. The present petition is filed by the operational creditor since the payment for the invoices issued for the period of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ns provided for in Section 9(5)(i) of the Code, we admit the petition for initiation of the CIRP process in the case of the Corporate Debtor ADI Automotives Private Limited and direct moratorium and appointment of Interim Resolution Professional as below. 21. We declare the Moratorium in terms of sub-section (1) of Section 14 of the Code as under:- (a) the institution of suits or continuation of pending suits or proceedings against the corporate debtor including execution of any judgment, decree or order in any court of law, tribunal, arbitration panel or other authority; (b) transferring, encumbering, alienating or disposing of by the corporate debtor any of its assets or any legal right or beneficial interest therein; (c) any action to foreclose, recover or enforce any security interest created by the corporate debtor in respect of its property including any action under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002; (d) the recovery of any property by an owner or lessor where such property is occupied by or in the possession of the corporate debtor. 22. It is further directed that the supply of essentia ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s profession and as an Insolvency Professional with high standards of ethics and moral; iv) The Interim Resolution Professional shall cause a public announcement within three days as contemplated under Regulation 6 of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 of the initiation of the Corporate Insolvency Resolution Process in terms of Section 13(1) (b) of the Code read with Section 15 calling for the submission of claims against Corporate Debtor; v) It is hereby directed that the Corporate Debtor, its Directors, personnel and the persons associated with the management shall extend all cooperation to the Interim Resolution Professional in managing the affairs of the Corporate Debtor as a going concern and extend all cooperation in accessing books and records as well as assets of the Corporate Debtor; vi) The Interim Resolution Professional shall after collation of all the claims received against the corporate debtor and the determination of the financial position of the corporate debtor constitute a committee of creditors and shall file a report, certifying constitution of the committee to this Tribu ..... 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